Qualcomm’s (QCOM) post-earnings slump has revived a harsh thesis that QCOM has no bottom in sight for 2026, and the market is trading it that way. After its Feb. 4 report, the stock gave up roughly two years of gains and slipped back toward 2020 levels, even though it delivered about $12.25 billion in quarterly revenue. That headline number could not overcome the cautious outlook, and HSBC has warned that calling a clear bottom in 2026 may simply not be realistic yet. This tension becomes even clearer wh ...